City seeks buyer for former Middletown bank

MIDDLETOWN — The city's new plan for the former TD Bank building is to sell it to someone who will renovate the site and lease it back to the city; the city would then sublet it to other tenants.

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By NATHAN BROWN

recordonline.com

By NATHAN BROWN

Posted Apr. 8, 2013 at 2:00 AM
Updated Apr 8, 2013 at 7:10 AM

By NATHAN BROWN

Posted Apr. 8, 2013 at 2:00 AM
Updated Apr 8, 2013 at 7:10 AM

» Social News

MIDDLETOWN — The city's new plan for the former TD Bank building is to sell it to someone who will renovate the site and lease it back to the city; the city would then sublet it to other tenants.

Two potential tenants have expressed interest in space in the building on South Street, said Mayor Joe DeStefano, although he didn't identify them.

One is a "governmental organization" and the other is a private business that would be "more than compatible to the surrounding properties," he said.

"We don't want this to become another Tompkins," DeStefano said, referencing the former department store building on North Street that has been vacant for more than a decade.

By selling the building and having the seller renovate it, the city wouldn't have to spend any money up front, DeStefano said.

The building needs extensive work, including repairs to the roof and heating and air conditioning systems.

Work is also needed so it can meet Americans with Disabilities Act requirements.

The sale and renovation would still need to be put out to public bid.

The city bought the property in 2010, mainly to secure adjacent parking lots for public use.

The old plan had been to move Middletown's senior center to the TD Bank building, then relocate the Guild of St. Margaret Soup Kitchen to the senior center on West Main Street.

However, the senior center is a "public assembly" site, which kicks in tougher code and safety requirements. A year ago, bids on that plan came back too high by more than a half-million dollars.

Thursday evening, the city Board of Estimate voted to hire the engineering firm Clark Patterson Lee to identify easements or restrictions on access to the property and the parking lots, which they want to do before a sale.

The tenants will be able to use the parking lots, but they would also remain open to the public.

"We're selling the building, (but) keeping the parking," said Public Works Commissioner Jacob Tawil.